I don't think i missed any reply to this but to answer your question. The problem is that would be illegal for them to do that as far as I am aware. Given that you only have one electric company and zero options for power from anyone else there are laws in place for how often and how drastic the increase in power rates can be. I can't recall the exact numbers now but I want to say that they are allowed to raise rates between 3 and 4% a year, anything outside of that requires government permission. So for them to make a change like that they would have to get special permission to switch to something that much different from what they charge now.
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This Is What Happens When Bitcoin Miners Take Over Your Town
- Thread starter Megalith
- Start date
I don't think i missed any reply to this but to answer your question. The problem is that would be illegal for them to do that as far as I am aware. Given that you only have one electric company and zero options for power from anyone else there are laws in place for how often and how drastic the increase in power rates can be. I can't recall the exact numbers now but I want to say that they are allowed to raise rates between 3 and 4% a year, anything outside of that requires government permission. So for them to make a change like that they would have to get special permission to switch to something that much different from what they charge now.
Gideon
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That is not illegal, it's called tiered pricing and they use it in California and several other states. Tier 1 is .19 cents tier 2 is .28 and tier 3 was .44
Khahhblaab
Limp Gawd
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Whats funny is that bunches of folks are ok with the idea.
Case in point:
itunes. Person buys a song that they cant touch.
Streaming videos. Person buys video that they cant touch.
Digital playlists. Person buys multimedia that they cant touch.
Cryptocurrency. Person makes money with coins they cant .....but can convert to that which they can.
Because of the market valuations measured in real dollars I wish I had known about it before it gained wide knowledge, and price went up. Always better to be in a first round than comming in when everybody knows about it.
Mi2Cents
Because it was approved. The power company can't just decide tomorrow that your rates are going to go from .19 cents to $10,000
My point is that they can't just increase the rates without first going through a process to have it evaluated and approved. A local power company around me is trying to raise their rates 20% over the next two years, they had to go to the state utility regulatory commission and request to allow them to raise rates that much. They said that they needed the money to improve their network and it went before public hearing and people were asked to email, call in or mail their protest over this to the commission with them taking everything into consideration before they will make a decision.
Gideon
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90% of the time the commission rubber stamps the rate increases.
Like video games, movies, cartoons, YouTube videos, etc?
I'm curious to your definition of what is "real" and therefore eligible to be assigned some value.
Comixbooks
Fully [H]
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Not any worse than Cell Phone Towers and EMF fields.
defaultluser
[H]F Junkie
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Then you invent a trendy new coin, and hope the world jumps on-board. Like GarliCoin.
Inventing new coin (new software) takes days at most, BECAUSE YOU CAN RIP-OFF ANOTHER COIN'S SOURCE, and just add your own tweaks. And then it's just a battle for which one get enough attention to reach critical mass.
Mining Coin will never go away as a concept. The market will just switch from one coin to the next as they get bored.
Unlike traditional mining rushes, people no-longer have to go out in the bush to find minerals. And when they run dry, you just keep rolling the dice mining "coin-of-the-day" until one hits it out o the park. Then you continue mining that new source of gold.
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But with that happening, you'd hit a point of diminishing returns because your artificially deflating currencies because there are so many out there. They will lack the "trust" component that "real" currency has.
Not mention if things got so bad that the US Dollar went to shit, I'm sure the rest of the world would be going down the tubes and crypto currency would be worthless too.
defaultluser
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If people felt that way about gambling, every casino would be closed right now.
The "get rich quick" idiots lack any sort of reason. You just see the more reasonable miners here, because [H] doesn't attract idiots. But even here there's a lot more miners than cash investors.
All you need to do to create monetary investment in a coin is to create fake demand for it. That starts with miners believing enough in a new coin "concept" to create those actual coins and START SELLING THEM FOR OTHER COIN (trading volume), and prices rise slowly. If there's a lot of trading volume, get-rich-quick idiots believe they can make money, and invest their real cash in that coin you just created out of thin air, and prices spike upward! They think they can ride the wave to even higher prices (as more idiots invest, and miners create more coin).
It's the same idea as playing Poker - nothing of value is created, but the bigger the players involved, the more likely large quantities of money changes hands.
If the US dollar goes to shit, along with the rest of the world's currencies, then we have something much more important than whining on a tech forum.
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AliceCooper
[H]ard|Gawd
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I live in East Wenatchee, can confirm, rates are insanely cheap. This is due to the massive amount of hydro power along the Columbia River. In addition, we resell this electricity to other states for a higher price in order to keep the local costs down. This helps bring in workers and keep them here. It also helps support the local communities. Currently, Chelan Co (Wenatchee) has plans in place that price non-diverged power at an extremely high rate to offset the consumption that would otherwise be going else where. Douglas Co (East Wenatchee) does not have this, which is where most of the miners in the valley are located.
Not ran by a company. We have PUD's that manage the electrical grid here, one in Wenatchee (Chelan Co PUD) and one in East Wenatchee (Douglas Co PUD). The problem is the excess power that these counties would resell to outside the state and charge a higher rate for would essentially start to get consumed by local mining businesses that are taking it all at cost. The rates here are insanely cheap because the PUD's are trying to support the community and keep the workers local so it's basically given at cost. The resale to other states is where they are able to make the money back to keep those local prices at cost. Without that power going out of county, the PUD's start to lose money and have to up local rates. Chelan Co has implemented contingencies to deal with this, my side of the river Douglas County has not as far as I am aware. But this will be a problem in the future without miners because of many states putting in wind and solar and using those instead of the hydro power being produced here.
AliceCooper
[H]ard|Gawd
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Lots of wheelin spots are getting closed down around here. Been some logging and what sounds like land swapping going on. Bird and large game hunting is still awesome though.
WhoBeDaPlaya
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How does the city charge more when the power company is a business, or more accurately, it's a Public COOP?
My state has been pretty good about not doing that so far. This power company has tried this in the past a few times and been shot down. In 2015 they wanted a single rate increase of 11% and were told they would only increase it 5.4%. So I expect their 20% over two years to get bumped down greatly also.
Gideon
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Sadly California tends to let them increase the rates far to easily, but in this state you get used to getting hosed by the government. One of the reasons why I installed solar power.
Still lots of hate huh? Same old same old. The haters remind me of
1. Witch hunters.
2. Old people that hate young whippersnappers.
3. People that almost cry when you mention that your mint condition comics are worth thousands, and they either destroyed theirs or didn't buy any.
4. People that miss all the fun and are pissed.
5. People that listen to others and don't form an opinion, just go along with the crowd.
6. Bankers, Politicians, Leaders that only know how to lie.
7. People that will lie to get their way, even if they know it's evil.
8. People afraid of change.
9. Bootlickers.
10. Old business people that just waste space with their outdated skills, and hate anything new.
1. Witch hunters.
2. Old people that hate young whippersnappers.
3. People that almost cry when you mention that your mint condition comics are worth thousands, and they either destroyed theirs or didn't buy any.
4. People that miss all the fun and are pissed.
5. People that listen to others and don't form an opinion, just go along with the crowd.
6. Bankers, Politicians, Leaders that only know how to lie.
7. People that will lie to get their way, even if they know it's evil.
8. People afraid of change.
9. Bootlickers.
10. Old business people that just waste space with their outdated skills, and hate anything new.
pendragon1
Extremely [H]
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- Oct 7, 2000
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so youre a dirty crypto-miner eh?!
Yep, dirty filthy stinking rich and proud of it, being right is nice. Being a hater leads to more hate and no money.
pendragon1
Extremely [H]
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- 52,122
thanks for contributing to the downfall of the pc industry /s
Glad to help. It's still not too late to start some mining. I made a good five figures more on the ethereum surge in June 2017. Or stay poor. Your choice. /No sarcasm here
pendragon1
Extremely [H]
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trying to earn an honest living thnx. not being able to sell systems due to no gpus has been nice though, great down time...
Gideon
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We at the government are happy to hear that and we look forward to your taxes showing such income.
pendragon1
Extremely [H]
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elec companies used to see massive surges in power use and thought pot growers and would send the feds in. lets do this for miners and their tax evasion...
Not a problem, I'm still up way more than a stock market or other traditional investment, even with the taxes. Death and taxes, you know. Also, tell me exactly how you track ZCash, monero, Dash, etc? LOL
Nothing dishonest about mining when it's all legal. Get your facts straight.trying to earn an honest living thnx. not being able to sell systems due to no gpus has been nice though, great down time...
pendragon1
Extremely [H]
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figure of speech im sure youve heard before, honest living = actually working for my wage. most aren't on the up and up when it comes to the tax side and you know it.
Well, don't project other's sins on me, not everyone is a tax cheat. Also kind of hard to pay a tax when you can't pay in the coin you made the money in, in what it's worth is it? Do they accept any crypto coins yet? Nah. Seems unfair to me.
Calling "actually working" automatically a "honest living" is a fool's way of justifying a miserable existence, in my opinion.
If the coins have US monetary value then they are no different than stocks. If i buy 10 stocks for $100 dollars and the value increases to $500 per stock I would have to pay on the income I made there. I can't pay that in stocks, but instead have to pay that in US currency.
pendragon1
Extremely [H]
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so you are or are not paying taxes, is crypto real or not if you can use it to pay tax? well, you opinion sucks and is the exact problem with the "I want riches but aint gonna work for it" crowd.
Right, and that's fair, exactly how? I like how it's heads you win and tails you win! Must be nice! It's like saying you hate crypto coins, and they are worthless, but pay up! The logic is just idiocy.
Right, and that's fair, exactly how? I like how it's heads you win and tails you win! Must be nice! It's like saying you hate crypto coins, and they are worthless, but pay up! The logic is just idiocy.
The reality is you are a bunch of haters that are mad you lost out on money, and always bring up if someone is paying taxes. Well guess what, it's not any of your business anyway, you just want to start crap on a hardware site that is a bunch of crier babies mad because I made a mint and you are nitpicky snarky losers.
Gideon
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You claimed on a open forum to be making 5 figures on bitcoin, then admit not paying taxes on it. Just a FYI I do in fact work for the government and the internet is not nearly as anonymous as people think it is. Even using a VPN will not protect you and bragging you made 5 figures on a surge in price would be worth a agents time. But more likely your just a boastful Millennial and so not telling the truth of what you have done. Consider it a friendly FYI
Oh. I didn't admit not paying taxes, although I did admit that there are coins that make it possible. I never said I owned any did I? Actually I said several times I do pay taxes and I encourage all to. Jeez have a nice one.
Nebell
2[H]4U
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The thing is people on this forum hate on crypto currency because all the video cards have been bought by miners.
It's stupid. It's one sided and people are not objective here.
Makes me really dislike some tech guys,
Enjoy your audit, triwolf.
I have nothing to worry about. I can pass an audit, it would be a waste of resources.
I sure do like the positive vibes on this board. So comforting, non-judgemental and giving people the benefit of the doubt, and not twisting people's words. Thank you so much. Thanks.
So what part of the bold do you people not understand? I hope you all have a great time. See you. I think I've had enough badgering for one day.